TORONTO, Sept. 19, 2017 /CNW/ – Mortgage Company of Canada (the “Company”), a Toronto-based Mortgage Investment Corporation (“MIC”), is pleased to announce that it has increased the minimum target yield of its portfolio from 9% to 9.25%.
“This is a landmark announcement for Mortgage Company of Canada,” said Raj Babber, Founder, President and CEO. “It reflects the strength of our underlying portfolio, and the fact that we continue to see outstanding investment opportunities in the Greater Toronto Area.”
Since launching the MIC in November 2013, the Company has consistently delivered returns in excess of its prior 9% target. As at August 31, 2017, the MIC’s trailing 12-month yield was 9.68% and its assets under management were $118 million, representing an increase of approximately 104% over the previous year.
“Our investment strategy is working,” continued Babber. “By utilizing our strict and proprietary underwriting standards, we have built a superior portfolio of residential mortgages in the GTA. This portfolio, which features conservative mortgage sizes and loan-to-value ratios, has delivered outstanding returns to our investors. Our management team and Board of Directors are confident that our strategy has positioned us for continued success in the future. This substantial increase to our target yield underscores that confidence.”
About Mortgage Company of Canada
Mortgage Company of Canada is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. The Company’s objective is to target a minimum annual yield of 9.25% by providing its shareholders with monthly dividends by lending within established risk parameters.
Mortgage Company of Canada is a Mortgage Investment Corporation as defined in the Income Tax Act (Canada). For further information on Mortgage Company of Canada, please visit www.mcoci.com.
This press release may contain “Forward-looking Information” that is based on expectations, estimates and projections as of the date hereof. Such information involves risks and other factors that may cause actual results to be materially different.
SOURCE Mortgage Company of Canada Inc.
For further information: Raj Babber, Chairman, Chief Executive Officer & President, Mortgage Company of Canada, (866) 318-7222 ext. 222